The World of Metals

Metal consumption is increasing globally every year, and forecasts suggest this growth will continue. To support the expanding circular economy, we need a continuous supply of new raw materials. Although metal recycling is highly effective, recycled metals alone cannot meet the growing demand. Awareness of the importance of metals and minerals, for example, in achieving electrification and low-carbon goals, has risen significantly in recent years. There is also an increasing understanding that metals and minerals can substantially reduce the need for significant non-renewable material flows extracted from nature, such as coal and oil.

The EU consumes 20% of the world’s metals but produces only 3% of them. The EU’s Critical Raw Materials Act is a key initiative to address this imbalance, aiming to reduce the significant dependency that leaves the region vulnerable to external influence or pressure. Ensuring supply security and the ability to manufacture goods that enhance safety and resilience has become increasingly critical.

Metal Production and Finland

Finnish metal production has advanced significantly due to technological expertise and abundant natural resources, such as ore deposits. Today, Finland’s metal refining industry is particularly strong in high-value-added products and sustainable technologies. Metal refining, production and manufacturing is a vital part of Finland’s export industry.

In Finland, metals are produced at a rate of 500,000 kilograms per hour, 24/7 throughout the year. Metal refiners manufacture and process products to meet the needs of industries such as metal products, machinery, vehicles, construction, electronics, and electrical engineering. These include steel and copper products, stainless steel, zinc, and nickel. These materials are used to create everyday products around us: refrigerators, washing machines, cars, bicycles, steel structures, ships, computers, mobile phones, cutlery, and euro coins—such as all 50, 20, and 10-cent coins, which are made from the Nordic Gold alloy developed by Finnish metal refiners.

Finland imports most of the raw materials needed for metal refining (4 million tons in 2022), while the export of ores and concentrates is much smaller (0.2 million tons). Over the past decade, fixed investments in the sector have been around €500 million annually. In 2023, Finnish metal refining companies had a turnover of approximately €15 billion and directly employed 16,200 people.